Tech Job Losses in 2008 Could Be Highest Since 2003: Report

Last quarter saw the highest number of tech layoffs in nearly five years, according to a report from Challenger Gray & Christmas, an executive outplacement firm that tracks job losses in electronics, telecom and computer industries.

Through the end of September, there were close to 70,000 jobs lost in the tech sector, which is the second-highest quarter of losses since the fourth-quarter of 2003, when there were 82,000 job cuts, according to Challenger Gray (pdf ).

Given the current rate of layoffs — Chellenger Gray estimates that it is averaging 22,000 per month for the second-half of the year — there could be a total of 180,000 tech jobs cut in 2008, which would make it the highest year of jobs cut since 2003, when there were 228,000 jobs lost.

"The tech sector is simply the latest victim in this downturn that began last year with the collapse of the housing market, and quickly spread to the financial markets," said John Challenger, CEO of Challenger Gray, in a prepared statement. Since then, the impact has rippled throughout the economy and job cuts have surged in several industries, including retail, transportation, media, entertainment and leisure, automotive and even health care. Businesses and consumers have slashed their spending and no industry is immune."